Job Discussion Forums

[killian]

yes, we get paid in nt dollars.

the nt dollar is pegged to the US dollar.

the US is dropping (the Euro is 1.19).

can anyone help me fathom how much we actually make in constant terms?

for the sake of argument, at 600 NT per hour. a few years back, at 30 NT per 1 US it was easy...20 US per hour. the rate is now 34 to 1 and the devaluation of the greenback needs to be factored in.

any bean counters wanna clue in a liberal arts major?

[Aristotle]

The exchange rate for Nt to the US$ has been about 35 to 1 for the last year and will not get any stronger if the Yuan devalues.
600 to 700 per hour is standard. If you skip taxes, minimize the visa runs and work 30 to 40 hours a week you should be taking in about 100,000NT per month or just shy of 3000us$ (2500EU) per month or there abouts. You could probably do better in Japan or Korea but then you would not be able to experience the warm hospitality the ROC government extends to the Foreign teachers who work on Taiwan.

[killian]

again, based upon 600NT an hour factoring an official exchange rate of 34 to 1 AND acknowledging the US dollars steep decline does anyone know how much we actually make?


the euro at 1.19 to the greenback. are we even at 15 US per hour?

[Fortigurn]

I have to convert everything into $AU. I have almost no idea of what I'm supposed to be making each month, in $NT.

All I know is that I need to make a certain amount $AU per month, in order to maintain certain committments I have here.

[Stephen]

Try using a currency converter. There is one on www.tealit.com as well as many other internet sites, try a search on yahoo, google, etc. Alternativerly, go to the bank look at the selling rate and use a calculator.

Stephen

PS. There are people out here who don't work in US dollars, but why doesn't such realisation seem to dawn on most Americans here?

[killian]

as stated earlier, i am not an accountant or an economist. the topic seems relevant for all of us.

well...a currency converter is too simple for the job. regardless of which nation you call home, the taiwan currency is pegged to the US dollar. the US goes down, taiwan goes down. in case you haven't noticed, taiwan money is as good as company script outside the factory store.

regardless of you nationality, for better or worse the health of the american dollar has a direct impact upon your real earning power.
some folks are benefitting from the depreciation, others are not. i am in the latter, i hope you are in the former.

i framed the question the way i did because...i am american.

so...again...

600NT per hour. the present rate is 34 NT to 1 US. the euro has gained markedly. for the sake of clarity it was at 1 to 1 not so long ago. now it is 1 euro to 1.19 US. that is a differential of approximately 20%

now, it is this differential that provides the quandry. do i simply factor the differntial in US$/euro straight over to NT$? do i merely knock of 20% of the face value of the currency to get a truer image of actual earnings power? the US dollar has gone down 20%. 600 NT=17.12 US$ Taiwan tax rate is 6%, less 1.02 US$ net is 16.10 per hour. now factor in the 20% devaluation? 20% of 16.02 is $3.20...

so, factoring in greenback devaluation 600NT is $12.82?

please enough with the simplistic "use a currency converter" and thinly veiled jabs of nationalism. having a clear image of your real income benefits you.

the longer the workers divide themselves apart based upon superficial differences the longer the manipulator sector shall continue to profit off of stuff like currency fluations of migrant workers.

[Okami]

I'll try to answer this for you Killian.

First most countries paper currencies are worthless script outside of that country.

Unless you are planning a trip to Europe or an extended stay funded by your earnings in Taiwan, than the EU-US exchange rate is moot. As your an American, with investments or savings in the US then you should be more concerned about the NT-US exchange rate. Currently it is at 34-1 and likely to stay there no matter how many US dollars Taiwan has to buy to keep it there. You know those trade deficits that we have in the US, well they are funded by Asian gov'ts by a large part. Japan, South Korea and Taiwan are notorious for driving their currencies down by buying the US dollar and selling their currencies. The EU has no such policy, so they must deal with the slack and that means a rising Euro to the US dollar. Asian gov'ts can't help but buy the dollar because the renminbi is pegged so low to the dollar that any raise starts killing business profits. There are a lot of problems with this strategy, but these gov'ts are addicted to it like it was heroin.

So if you're making $600/hour than that is $17.64US/hr.
If you have to pay 6% taxes then it is $16.58/hr

Euro-US exchange is moot unless you have a trip to the Eu in your future.

Cheers, you no calling me in the US bas$^#d,
Okami

[Aristotle]

You also have to take into account that any bank or financial institution will deduct 1 to 5% from any amount you exchange for a different currency. That would put the exchange rate closer to 35NT to 1 US or even worse depending on the bank. Few people pay 6% tax usually 10% is standard and you try your luck when you file a tax return.
Around 15 dollars US per hour is fairly accurate after all the deductions and ignoring the fact that your employer may very well choose not to pay you at for any given month.
Welcome to Taiwan,
A.

[Okami]

For the best exchange rate and the easiest to use I suggest American Express. Make sure you get an American Express card before you come here. I can send money home free with them but it takes longer and I have to have the check deposited by my mom.

Cheers,
Okami

[Aristotle]

Am I to understand you can pay your Amex bill in NT and it is automatically converted to US$ without service charges.

[Okami]

You're a lot smarter then you let on and any remaining balance can be sent home as a check to your billing address for free. So you get the best exchange rate and it's sent home for free, but it takes longer. It's wonderful for us expats who have our collective $h1t together, particualrly finances.

CYA
Okami

Been preaching this for years and finally someone listens.

[Stephen]

Killian

Do you have any investment or debts outside of NT$ or US$? Do you have sufficient funds to make switching currencies a viable option? If not, then the effect of the exchange rate of US$ vs Euro is completely irrelevant. For most English teachers (including myself) the only comparison of currencies that is necessary is that between their country (ie. the one that gives them a passport) and the one they are in. Most EFL teachers either have debts to pay in their home country or use it as a holding currency for savings they make. If the former situation is the case (ie. debt repayment) then any comparison with other countries is completely unnecessary. Should the former be the case then it is possible to use any currency as a holding currency for your money. However, to do so you would need to balance expected currency trends, against transaction costs and risk to make it really worth your while. Do you have the time, knowledge and volume of funds to make this a realistic option? I would doubt it on the last point alone, lets face it EFL doesn't in general provide a toe in to the international currency markets as a rule.

A further point to note, as I presume you are an individual with debts or comparatively small non-essential funds (by this I mean most savings are for a purpose key to you like buying a home, further study, or retirement, and hence, their loss would be a sevre blow to you.) This means that you are what economists would term risk adverse. That means you do not want to gamble on what you could get in savings level in your home country's currency as the potential risks of such a gamble outway the potential benefits. This means that the fact that the NT$ is pegged to the US$ is very much in your favour. It allows you a clear idea of what you will earn in US$. This is not a benefit that those of us from outside the USA and are in a similar position have. I experienced a 10% depreciation in the value of the NT relative to pound sterling in 3 months here, this is a situation that you are insulated from to a much larger degree by pegging. You, therefore, have a much more stable relationship between your own countries currency and the NT than those from outside the USA. Therefore, try a currency converter and a calculator, make sure to factor in things such as comparative tax levels and insurance costs. I would also advise you to compare living costs as well.

As for comments about nationality, it is simply based on irritation with the econocentric nature of the analysis of the current financial situation for English teachers here, and lack of demonstration of a knowledge of global economics. You are afterall complaining about suffering from things that doesn't effect you half as much as people from other countries in a flag waving display of ignorance.

Regards
Stephen

[Aristotle]

I also understand that it works the same way with many credit cards issued in most Western countries. A Visa debit card from central Europe is generally considered to be the best way to transfer money internationally and avoid unwanted "deductions".
Good Luck
A.

[killian]

stephen, in response to your initial query: yes. most of my investments are in non-US dollar based accounts. i switched out of dollars a year or so ago because i couldn't reconcile myself with the US administration. the final straw was iraq. went to euros. happily, following my conscious has had beneficial results to date. is it a crime under the patriot act to suggest divestiture of US dollars? probably, so i shan't.

divestiture of SA seems to have worked. US didn't take down Saddam until he switched to euros. like everyone, i love my homeland. however, i cannot rationalize invading and taking over another sovereign nation. there is no doubt in my mind that as an intelligent world citizen you have perused howard zinn's "a people's history of the united states." full of heart rendering, faith shaking revelations that perhaps you can of some value.

"flag waving display of ignorance"...haha, good one. happy to see that while you provide no substance to the topic of the thread you deign to see fit to use it as a location to hone your debating skills. best wishes while you continue your search for a debating partner elsewhere. having lived outside my homeland for well over a decade has more than sufficently wearied me of the trite "nation bashing" game a good many expats are so ready to indulge in over and over. we all know samuel johnson's quote about scoundrels and nationalism, right?

thanks for the imput and best wishes.